Shared 27 August, 2024
As we navigate 2024, the retail landscape is still marked by uncertainty. With the challenging “cost of living crisis” economic backdrop and a noticeable decline in shopper footfall compared to 2023, commercial real estate (CRE) operators are seeing further polarisation of their locations’ performance. The pressure to deliver value to retail tenants is intensifying, and it’s becoming clear that traditional strategies may no longer suffice.
For CRE operators, the key to attracting and retaining the right mix of retail tenants lies in offering more than just prime locations. They need to provide their tenants with meaningful insights into customer behaviour—insights that can evidence not only the volume of shoppers visiting, but also how to convert those visits into sales.
Footfall data has traditionally been at the heart of these insights, yet critical, often overlooked metrics for retail outlets are ‘Passer-by traffic’ and ‘Capture-rates’. Knowing how many potential customers pass by a store, understanding who they are, and how well the store is converting them into entrants, can be the difference between a thriving retail space and one that struggles to stay afloat. Yet, many retailers lack this visibility, making it difficult to optimise their locations or tailor their offerings to the right audience.
This is where Aura Vision steps in. By leveraging existing security cameras, Aura Vision offers a window into the factors driving performance—both good and bad—across stores, high streets, and shopping centres. Aura Vision’s new Retail Index is poised to reshape how UK retailers and property managers understand and respond to footfall trends.
The Aura Vision Retail Index (AVRI) stands out as the most comprehensive free marketing report for the UK retail and commercial restate. By providing up-to-the-minute data on national UK traffic trends, demographic shifts, regional performance, and historic comparisons, AVRI’s LinkedIn page offers a powerful resource for anyone involved in retail or commercial real estate.
For those looking to delve deeper, subscribers to Aura Vision’s platform will receive weekly reports giving them a sharper edge in an increasingly competitive market. With over 10 million unique customer journeys and 200 million data points captured each week, extending to nearly every city centre, shopping mall, and high street in the UK, the reports offer an unprecedented perspective on the market, enabling retailers and property managers to make more informed decisions.
Reflecting on this milestone, co-founder and CEO Dr. Daniel Martinho-Corbishley expressed his excitement: “It’s incredible to witness the emergent properties of our AI at scale… becoming larger than the sum of its parts… We’re excited to see where this will take Aura Vision and how we can equip our valued clients and the broader retail market with groundbreaking insights for precision performance benchmarking.”
About Aura Vision
Founded in 2017 by two Computer Vision and Machine Learning PhDs, Aura Vision is backed by Y Combinator, Telefoncia’s Wayra, Pioneer Fund, and Data Tech Fund. The company proudly partners with some of the world’s largest retailers, including Frasers Group (Sports Direct & Flannels), Decathlon, Adidas, and O2 Retail.
As they continue their rapid growth trajectory, the team is eager to connect with forward-thinking leaders in commercial real estate at PropTech Connect. Join Aura Vision in shaping the future of real estate!
Written with Aura Vision
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